Petra future sparkles thanks to more exceptional diamonds

This 126 carat diamond was unearthed from the Cullinan minePhilip Mostert

The latest pair in a long line of exceptional diamonds to have been unearthed from South Africa’s historic Cullinan mine mean that the horizon is brighter for Petra Diamonds.

The mine, near Pretoria, was the site where the famous Cullinan Diamond was discovered in 1905.

Petra Diamonds yesterday revealed that first-quarter revenue rose 27 per cent to $65 million (£41 million), but shares dipped 5p to 109p, valuing the company at £560 million, on concerns that it was fetching weaker prices. In the quarter to September 30, prices were 7 per cent below the previous six months.

However, Petra said that two extremely valuable white diamonds of 126 carats and 92 carats were set to be sold this month. It said the weaker pricing partly…